What is a business owned and operated by one individual
100
Revenue (Sales)
What is the total amount of money received from the sale of goods
100
This occurs when spending declines
What is an economic contraction
100
Profit Margin
What is net income/sales
100
balance sheet
What is a 'snapshot' of a firms financial position
200
disadvantages of partnerships
What are: unlimited liability, life of the partnership, distribution of profits, and limited sources of funds
200
the accounting equation
What is liabilities = assets - owners equity
200
a continuing rise in prices
What is inflation
200
return on equity
What is also know as ROI
200
income statement
What is the statement where you can find COGS
300
dividends
What are cash payments given to shareholders
300
the accounting cycle
What is a four step process that includes examining documents, posting transactions, recording transactions and preparing financial statements
300
The sum of all goods and services produced in a country during a year
What is GDP
300
liquidity ratios
What is comparing short term assets to current liabilities to indicate the speed with which a company can turn its assets into cash to meet debts as they come due.
300
In order of liquidity
How are assets listed on the balance sheet
400
Owned by just one person or a few people closely involved in managing the business
What is a private corporation
400
Certified Public Accountants
What is an individual who has been certified in the state in which he or she practices in to provide accounting services.
400
This provides an opportunity for businesses to succeed or fail based on market demand
What is free enterprise
400
ratio analysis
What are calculations that measure an organizations financial health
400
accounts receivable
What is referred to as the money owed to a company by its customers
500
These corporations are owned and operated by the federal, state or local government. The focus is to provide a service to citizens
What are quasi-public corporations
500
annual report
What is the summary of a firms financial information, products and growth plans for owners and potential investors
500
9.6%
What is the unemployment rate in the United States